Bid to Buy and Shut Down Worst Coal Plant in Australia fails

Atlassian Founder Mike Cannon-Brookes and Canadian asset manager Brookfield put a bid in to buy Australia’s most polluting power company at the Market price, with the purpose of shutting it down. Not surprisingly, this bid was rejected. Australia’s Prime Minister, Scott Morrison, reacted in horror that anyone would want to buy and close down a coal power station. AGL is Australia’s biggest coal generator and biggest emitter of greenhouse gases. The company is undergoing a demerger process creating Accel Energy to operate its fossil fuel assets and retaining the company’s renewable energy assets. AGL recently announced the planned closure of two coal-fired power plants but this is not good enough for the environment since Loy Yang plant burns the highly polluting brown coal.

The AGL Energy  Loy Yang Power Station in the Latrobe Valley, Australia.

Photographer: Carla Gottgens/Bloomberg



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